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Economics help! PLEASE ANSWER ALL PARTS OF THE QUESTION AND INCLUDE AS MUCH DETAIL AS POSSIBLE! 2- Suppose that the world demand for crude oil

Economics help! PLEASE ANSWER ALL PARTS OF THE QUESTION AND INCLUDE AS MUCH DETAIL AS POSSIBLE!

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2- Suppose that the world demand for crude oil is given by the demand function g = Tl - lP. There are ll} identical small producers, each having a cost funcon CM) = 0.5.9" - Sq + 2.] and one large dominant fu'm [price leader] which has constant MC=AC= 15. A- Assume that the small rms act as price takers. Calculate the supply function [output as a function of price] for a rm. B. lCalculate the aggregate supply function for the [DUI] small rms. C. Now calculate the residual demand {demand left after small rms produce} for oil faced by the dominant rm. Show and explain your logic clearly. D. Now nd the dominant rm's equilibrium price and output. Explain your logic clearly. E. How much oil is produced by the price-taking firms? Show.r your logic. F. How much oil is demanded at the price set by the dominant firm? Show your logic

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